The Pension Fund Administrators (PFA) have revealed that they will look into the revision of investment guidelines as they prepare to celebrate 20 years of the Pension Reform Act, News About Nigeria reports.
The Chief Executive Officer, Pension Operations, Mr Oguche Agudah, made this known in a report titled, ‘At the dawn of 20 years of pension reform, what are the gains?’
According to him, the Pension Fund Administrators would also show a greater focus on micro pensions, adding that they have a profit of over N7tn from the investment contributions that have been made by workers.
These contributions, he noted, were put into their retirement savings accounts under the Contributory Pension Scheme.
Agudah further revealed that workers’ contributions accounted for 54 percent of the total pension funds, while the return on investment accounted for 46 percent of the entire pension funds. He noted that these were the figures as of the end of June 2023.
He stated that the contributions of the workers were invested judiciously, with the returns added to the pension savings of the workers, which he maintained, go a long way in reducing the effects inflation has on the funds.
He disclosed that N665.13bn was paid as a lump sum to annuity retirees, and N964.24bn was also paid to programmed withdrawal retirees, making a total of N1.64tn to 442,000 retirees in the second quarter of the year.
He also added that N208.86bn was paid to 475,235 workers who lost their jobs before reaching the official retirement age and were unable to get another job after four months.